State of New Jersey Common Pension Fund D Lowers Stock Position in Eaton Co. plc (NYSE:ETN)

State of New Jersey Common Pension Fund D trimmed its stake in shares of Eaton Co. plc (NYSE:ETN) by 0.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 147,373 shares of the industrial products company’s stock after selling 977 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Eaton were worth $48,909,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ETN. Creative Planning lifted its holdings in Eaton by 2.7% during the third quarter. Creative Planning now owns 181,067 shares of the industrial products company’s stock valued at $60,013,000 after purchasing an additional 4,705 shares in the last quarter. Stratos Wealth Partners LTD. lifted its holdings in Eaton by 3.7% during the third quarter. Stratos Wealth Partners LTD. now owns 27,587 shares of the industrial products company’s stock valued at $9,144,000 after purchasing an additional 990 shares in the last quarter. Moss Adams Wealth Advisors LLC lifted its holdings in Eaton by 11.8% during the third quarter. Moss Adams Wealth Advisors LLC now owns 776 shares of the industrial products company’s stock valued at $257,000 after purchasing an additional 82 shares in the last quarter. Capital Investment Advisors LLC lifted its holdings in Eaton by 3.0% during the third quarter. Capital Investment Advisors LLC now owns 5,440 shares of the industrial products company’s stock valued at $1,803,000 after purchasing an additional 158 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its holdings in Eaton by 21.2% during the third quarter. Commonwealth Equity Services LLC now owns 252,312 shares of the industrial products company’s stock valued at $83,626,000 after purchasing an additional 44,052 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the transaction, the insider now owns 31,200 shares in the company, valued at $11,811,696. The trade was a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory R. Page sold 10,000 shares of Eaton stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the completion of the transaction, the director now owns 43,203 shares of the company’s stock, valued at $15,379,403.94. This represents a 18.80 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Eaton Price Performance

Shares of ETN opened at $309.21 on Monday. The firm has a 50-day simple moving average of $337.21 and a two-hundred day simple moving average of $331.70. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. Eaton Co. plc has a 1-year low of $255.65 and a 1-year high of $379.99. The stock has a market cap of $122.20 billion, a PE ratio of 32.55, a P/E/G ratio of 2.37 and a beta of 1.05.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same period last year, the business earned $2.55 earnings per share. As a group, analysts forecast that Eaton Co. plc will post 12.04 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ETN shares. UBS Group started coverage on shares of Eaton in a research note on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target on the stock. Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target on the stock. in a research note on Tuesday, January 28th. Royal Bank of Canada decreased their price target on shares of Eaton from $407.00 to $405.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Mizuho raised their price target on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, Sanford C. Bernstein initiated coverage on shares of Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective for the company. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $369.20.

Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. The company’s Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.